{"id":73215,"date":"2023-01-29T09:56:19","date_gmt":"2023-01-29T07:56:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73215"},"modified":"2025-09-09T12:53:33","modified_gmt":"2025-09-09T09:53:33","slug":"white-house-calls-on-congress-to-intensify-efforts-to-regulate-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/white-house-calls-on-congress-to-intensify-efforts-to-regulate-cryptocurrencies\/","title":{"rendered":"White House calls on Congress to intensify efforts to regulate cryptocurrencies"},"content":{"rendered":"<p>The administration of U.S. President Joe Biden <a href=\"https:\/\/www.whitehouse.gov\/nec\/briefing-room\/2023\/01\/27\/the-administrations-roadmap-to-mitigate-cryptocurrencies-risks\/\">\u043f\u0440\u0438\u0437\u0432\u0430\u043b\u0430<\/a> Congress to &#8216;step up efforts&#8217; to oversee the digital asset market.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOur focus is on protecting investors\u2019 interests, holding bad actors to account, and ensuring that cryptocurrencies cannot undermine financial stability,\u201d the White House said.<\/p>\n<\/blockquote>\n<p>Officials stressed that in 2022 they developed <a href=\"https:\/\/u1f987.com\/en\/news\/the-white-house-unveils-a-concept-for-regulating-the-u-s-crypto-industry\">the concept<\/a> of &#8216;safe and responsible development of digital assets&#8217;. The administration also noted efforts by federal agencies aimed at raising investor awareness.<\/p>\n<p>According to the press release, in the coming months the White House intends to identify priority areas of research and development that will enable the underlying cryptocurrency technologies to &#8216;protect consumers by default&#8217;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cCongress must also step up its efforts. For example, [lawmakers] should expand the powers of regulators to prevent misallocation of client assets and to mitigate conflicts of interest,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Officials also proposed tougher transparency and disclosure requirements for cryptocurrency industry companies, harsher penalties for violations of financial market rules, and closer cooperation with international law enforcement agencies.<\/p>\n<p>The White House noted that, under certain conditions, Congressional action could &#8216;exacerbate risks to investors and the monetary system&#8217; and also hinder the work of government agencies.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cLegislation should not incentivize core institutions such as pension funds to dive headlong into cryptocurrency markets. [&#8230;] It would be a serious mistake to enact acts that would alter the course and deepen the linkage between digital assets and the broader financial system,\u201d the press release said.<\/p>\n<\/blockquote>\n<p>Officials added that restricted access to cryptocurrencies by institutions helped prevent contagion to traditional markets in 2022.<\/p>\n<p>The White House projects that by 2032, expanding tax reporting requirements for digital assets <a href=\"https:\/\/u1f987.com\/en\/news\/white-house-forecasts-an-additional-11-billion-in-crypto-tax-revenues\">will bring an additional $11 billion to the U.S. budget<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration urged Congress to &#8216;step up efforts&#8217; to oversee the digital asset market.<\/p>\n","protected":false},"author":1,"featured_media":73216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,26],"class_list":["post-73215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=73215"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73215\/revisions"}],"predecessor-version":[{"id":73217,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73215\/revisions\/73217"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/73216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=73215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=73215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=73215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}